The Senate has cleared the way for a final vote this week on extending the $8,000 first-time homebuyer tax credit through April 30, in an 85-2 preliminary vote. The proposed bill, which the Obama administration has endorsed and which could pass as early as today, would also provide a $6,500 tax credit to homebuyers who have lived in their current residence for five or more years, and provide 14 additional weeks in unemployment benefits. States with especially high joblessness rates would get a 20-week extension. The revised tax credit extension would cost an estimated $10.8 billion over 10 years, and the additional unemployment relief would cost $2.4 billion, according to the Joint Committee on Taxation. [Bloomberg] and [Inman News]
Final Senate vote on tax credit extension expected this week
November 03, 2009 03:00PM
November 03, 2009 at 3:05 pm, Anonymous said:
When does the free money train stop? This administration is out of control and will wreck any chance of regaining prosperity this country has.
November 04, 2009 at 3:16 pm, Miami Condo Shop said:
It doesn’t. Politicians are elected officials and will take whatever route that will get them reelected. They don’t want to be blamed for economic problems and want to be part of the solution — even if it’s not a long term one. Look at Corzine in NJ — he’s now out as Gov after residents associated him with the state’s languishing economic situation.